Ethereum Avoids a Major Downtrend, Bulls Eye Crucial Breakout

Ethereum started a recovery phase above the $1250 and $1300 levels. The price is currently trading above $1300 and the 100 hourly moving average. 

There is a major downtrend forming with resistance near $1385 on the hourly graph ETH/USD. 

The pair could recover further if it clears the key $1400 resistance zone. 

Ethereum is managed by staying above the $1220 support level. ETH started on an upside correction above the $1250 level after ripple's XRP started a strong upward movement. 

Ether price was able to clear the $1260 and $1280 resistance levels. there was a break above the 50% FIB retracement level of the downward move from the $1420 swing high to the $1220 low it currently trading above the $1300 and the 100 hourly simple moving average.

The live Ethereum price today is $1,346.49 with a 24-hour trading volume of $18,672,267,140. Ethereum is up 6.76% in the last 24 hours. The current CoinMarketCap ranking is #2, with a live market cap of $164,926,007,758 USD. It has a circulating supply of 122,486,213 ETH coins

ETH Price statistics 24h price change of ETH is $76.09 of 6.00% and 24h low is $1,258.71 and 24h high is $1,353.29 with 17.32% Market Dominance. 

The next major support is near the $1288 level a downside break below the $1288 support may spark another sharp decline. in this case, ETH price may drop towards the $1220 level in the near term. 

Related: Solana Price Continues To Trade Laterally With Signs Of Further Depreciation